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3.1 Marketing
'3.1.1 Role of marketing' Describe the role of marketing • Understand the role of marketing in a business '3.1.2 Market research (primary and secondary)' Appreciate the need for market research • Understand the concept of a market orientated business • Show awareness of the use of market research information to a business Understand how a business carries out market research; limitations of market research • Knowledge of the difference between primary and secondary research, advantages and disadvantages of each • Knowledge and understanding of how market research can be carried out Understand the factors that influence the accuracy of market research • Appreciation of the reasons why market research data might be inaccurate or of limited use '3.1.3 Presentation and use of results' Present, analyse and interpret simple market research • Analyse and interpret market research data shown in the form of graphs, charts and diagrams • Draw simple conclusions from data '3.1.4 Market segmentation (purpose and methods)' Understand how and why market segmentation is carried out • Show how markets can be segmented according to age, socio-economic groupings, location or gender • Demonstrate an understanding of why such segmentation can be of use to a business • Select and justify a method of segmentation appropriate to given circumstances '3.1.5 Mass market; niche market' Appreciate the difference between mass marketing and niche marketing • Understand the difference and significance of mass and niche markets in terms of size and customer needs '3.1.6 Marketing mix Identify and explain the elements of the marketing mix' • Show knowledge and awareness of the four main elements of the marketing mix price, place and promotion '3.1.7 Product (design, brand, packaging, life cycle)' Demonstrate an understanding of the product life cycle • Knowledge and understanding of the importance of packaging • Awareness of the concept of a brand name in influencing sales • Knowledge of the stages of a product life cycle • Draw and interpret a product life cycle diagram • Understanding of the significance of the four main stages of the product life cycle • Show awareness of extension strategies '3.1.8 Price (price elasticity of demand, pricing methods and strategies)' Understand how pricing decisions are made • Understand the main methods of pricing: cost plus, competitive, psychological, penetration, price skimming • Show awareness of the implications of the methods Understand the significance of price elasticity of demand (calculations will not be required) • Appreciate the difference between a price elastic demand and a price inelastic demand • Understand the importance of the concept in pricing decisions • Calculations, knowledge of formula and detailed analysis using the concept are NOT required '3.1.9 Distribution channels' Appreciate the importance of distribution channels and the factors that determine the selection of them • Knowledge and understanding of a distribution channel • Recommend and justify an appropriate channel in a given situation '3.1.10 Promotion (advertising, sales, point of sale)' Understand the role of promotion • Understand the aims of promotion • Identify, explain and give examples of different forms of promotions • Understand how promotions influence sales • Justify an appropriate method of promotion in a given situation '3.1.11 Marketing strategy' Understand how the mix can be used to influence consumer purchasing Understand how the marketing mix can change as the product goes through its life cycle Select and justify marketing methods appropriate to a given situation • Understanding of the importance of the different elements of the marketing mix and the ways in which they can be used separately or together to influence consumer purchases • Recommend and justify a marketing strategy in a given situation '3.1.12 Marketing budget' Awareness of the need for a marketing budget • Knowledge of the concept of a marketing budget • Understanding of the importance of such a budget in terms of money available for the marketing function • Awareness of the concept of cost effectiveness Category:Business Topics